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CRRC
CRRC Corporation Limited is a Chinese publicly traded rolling stock manufacturer, formed on 1 June 2015 with the merger of CNR and CSR. As of 2016, it had 183,061 employees and is the largest rolling stock manufacturer of the world. History CNR Group and CSR Group, once one company (LORIC), were separated in 2002. In late 2014 CNR Group and CSR Group agreed to merge, subject to approval by the Chinese state - under the agreement CNR Group would formally acquire CSR Group (but CSR Corporation Limited would acquired China CNR Corporation Limited), and the combined business then be renamed to CRRC Group and CRRC Corporation Limited respectively. Rationals given for the merger were increased efficiency, and the ability to better compete internationally with combined resources. The merger came into effect 1 June 2015, with each CNR share exchanged for 1.1 CSR shares - the combined company became the largest railway rolling stock manufacturer in the world, and had over 90% of the China market. Total employment of the combine was 175,700 persons, and the share capital was valued at . After formation, CRRC began efforts to expand overseas; after being awarded a 284 vehicle order (since expanded to 404 vehicles) for metro cars for Massachusetts Bay Transportation Authority's Red and Orange lines with a US$556.6 million bid in October 2014, the company started to construct a assembly plant in Springfield, Massachusetts at a former Westinghouse plant beginning in September 2015. Manufacturing work began in April 2018. In mid-2015 production began at a rolling stock plant in Batu Gajah, Perak, Malaysia, a satellite of CRRC Zhuzhou Locomotive, and the corporation's first plant outside China. Additionally the former CSR had acquired Emprendimientos Ferroviarios in Argentina in 2014 and announced in 2016 that they would begin maintenance and production of new rolling stock for export in the country. Argentina had previously purchased a variety of rolling stock from the company over the years, including 704 EMU cars, 81 DMU cars, 44 passenger locomotives, 360 carriages, 107 freight locomotives and 3,500 freight cars, in addition to the 150 200 Series cars for the Subte. In 2017, the Argentine government purchased an additional 200 EMUs from CRRC. In mid-2015, CRRC formed a freight wagon joint venture, Vertex Railcar, as a minority partner with Hong Kong-based private equity firm Majestic Legend Holdings to establish production in Wilmington, North Carolina at a former Terex facility. CRRC provided railcar designs and some components, and Majestic Legend invested US$6 million; the plant was operational by the beginning of 2016. In August 2016, at the request of a letter from 55 US House of Representatives members alleging that Vertex was being unfairly subsidized by the Chinese government, the United States Department of the Treasury began an investigation into whether the Chinese investment in Vertex constituted a national security risk. 42 US Senators sent a similar letter in September, conveying concerns about the state-owned enterprises behind Vertex. The Treasury Department released its report in December and found that the joint ownership was not a risk. In late 2015, Yu Weiping, one of the vice-president of the company, stated the company planned to double overseas sales over five years, with North American passenger rail being one target. Interim six month financial results for the new company showed an increase in overseas revenue of over 60%. Half year revenue was , with a gross profit of . Non rail revenue (car equipment, generators) was . In March 2016, CRRC Qingdao Sifang was awarded a contract to build 400 7000-series cars for the Chicago Transit Authority (CTA), with an option for another 446 cars. The cost of the contract was US$632 million up to US$1.3 billion with options; as a consequence CRRC began development of a US$40 million assembly factory in Chicago, designed by Itasca, IL-based Cornerstone Architects Ltd. In March 2017, CRRC was awarded a contract by SEPTA to construct 45 bi-level rail cars with the option for 10 additional cars for delivery in October 2019. CRRC was selected over Hyundai Rotem and Bombardier, which also bid on the bi-level contract and had each produced equipment for SEPTA in the past. Later that month, CRRC was also awarded a contract to build 64 HR4000 cars for the Los Angeles County Metropolitan Transportation Authority (LACMTA) that will replace existing vehicles on the agency's Red and Purple lines, with an option for another 218 cars. Subsidiaries Locomotive * CRRC Beijing Locomotive * CRRC Datong Electric Locomotive * CRRC Qishuyan Locomotive * CRRC Luoyang Locomotive * CRRC Xiangfan Locomotive * [Zhuzhou Locomotive|CRRC Zhuzhou [Electric Locomotive]] * CRRC Ziyang Locomotive Rolling Stock * CRRC February 7 Rolling Stock * CRRC Qiqihar Railway Rolling Stock ** CRRC Harbin Rolling Stock ** Dalian CRRC Daqi Railway Rolling Stock * CRRC Meishan Rolling Stock * CRRC Nanjing Puzhen Rolling Stock * CRRC Shijiazhuang Rolling Stock * CRRC Taiyuan Railway Rolling Stock * CRRC Yangtze Rolling Stock ** CRRC Xi'an Railway Rolling Stock Locomotive & Rolling Stock * CRRC Chengdu * CRRC Dalian * CRRC Qingdao Sifang * CRRC Tangshan Other * CRRC Beijing Nankou Railway Transportation Machinery * CRRC Changchun Railway Vehicles * CRRC Dalian Locomotive Research Institute * CRRC Jinan Railway Vehicles Equipment * CRRC Qingdao Sifang Rolling Stock Research Institute * CRRC Lanzhou Jinniu Railway Transportation Equipment * CRRC Shijiazhuang Guoxiang Transportation Equipment * CRRC Tangshan Railway Transportation Equipment * CRRC Tianjin Railway Transport Equipment * CRRC Yongji Xinshisu Electric Equipment * CRRC Zhuzhou Electric * CRRC Zhuzhou Institute (former Zhuzhou Electric Locomotive Research Institute) (100%) * Zhuzhou CRRC Times Electric (51.81%) Joint venture * Bombardier Sifang Transportation Overseas * CRRC Massachusetts (United States) * Dynex Semiconductor (United Kingdom) * Emprendimientos Ferroviarios (Argentina)